Syria orders freeze of financial institution accounts linked to former regime

DAMASCUS (Reuters) – Syria’s central financial institution has ordered business banks to freeze all accounts tied to individuals and corporations linked to the ousted regime of former President Bashar al-Assad, in response to a doc seen by Reuters and folks aware of the choice.

The round, issued on Thursday, calls on banks to “freeze all financial institution accounts of corporations and people linked to the defunct regime,” and to tell the central financial institution of the small print of all accounts frozen inside three working days.

It particularly calls on banks to freeze accounts belonging to the Katerji Group, recognized for its involvement within the Syrian oil commerce. The group was run by brothers Baraa and Hussam Katerji.

Baraa Katerji was killed in a suspected Israeli strike in Syria close to the Lebanese border in July. Israel didn’t touch upon the strike.

Hussam Katerji and his companies are underneath U.S. sanctions, together with for “facilitating petroleum shipments and financing to the Syrian Regime,” in response to the U.S. Treasury web site.

Reuters couldn’t attain Hussam Katerji for remark.

The Katerjis have been a part of a small circle of businessmen near the Assad household who rose to prominence through the Syrian civil conflict, which started in 2011 after Assad’s authorities cracked down on in style protests.

Assad was ousted by Islamist rebels on Dec. 8. They’ve since put in place an interim authorities and are making efforts to hint monetary flows linked to his regime.

One banker, who spoke on situation of anonymity because of the sensitivity of the matter, stated the central financial institution round couldn’t simply be carried out provided that many regime-linked businessmen arrange accounts within the names of different individuals, or used entrance corporations.

The brand new Syrian administration had already carried out a basic freeze on financial institution accounts after taking energy however people have been capable of problem the choices and withdraw or switch some funds.

The brand new measures are supposed to be extra stringent and focused and assist authorities collect data on regime-linked funds, stated a Syrian official aware of the matter.